Definition of quality assurance

quality assurance

the process of determining that product
or service quality conforms to designated specifications
usually through an inspection process

Flight to quality

The tendency of investors to move towards safer, government bonds during periods of high
economic uncertainty.

Quality option

Also called the swap option, the seller's choice of deliverables in Treasury Bond and Treasury
note futures contract. Related: cheapest to deliver issue

Quality spread

Also called credit spread, the spread between Treasury securities and non-Treasury securities
that are identical in all respects except for quality rating. For instance, the difference between yields on
Treasuries and those on single A-rated industrial bonds.

Cost of quality

The difference between the actual costs of production, selling and service and the costs that would be incurred if there were no failures during production or usage of products or services.

accepted quality level (AQL)

the maximum limit for the number of defects or errors in a process

process quality yield

the proportion of good units that resulted from the activities expended

quality

all the characteristics of a product or service that
make it able to meet the stated or implied needs of the
buyer; it relates to both performance and value; the pride
of workmanship; it is conformance to requirements

quality audit

a review of product design activities (although
not for individual products), manufacturing processes and controls, quality documentation and records, and management philosophy

quality control

the implementation of all practices and policies
designed to eliminate poor quality and variability in the
production or service process; it places the primary responsibility
for quality at the source of the product or service

total quality management (TQM)

a structural system for creating organization-wide participation in planning and implementing a continuous improvement process that exceeds
the expectations of the customer/client; the application
of quality principles to all company endeavors; it is also known as total quality control

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